Mikhelson's father headed the largest pipeline construction trust in the U.S.S.R. From that, Mikhelson has managed to build gas company OAO Novatek working on large deposits in Yamal-Nenets Region (northwestern Siberia). The state-owned monopolist Gazprom generally suppresses the rivalry but tolerates Novatek's presence on the market. Mikhelson has proved to be convenient for Gazprom, since he supplies Russian regions with gas at local prices, allowing the gas giant to keep more reserves on hand for lucrative export markets. Novatek listed its Global Depositary Receipts on the London Stock Exchange in July 2005.